HCC Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	4.91B EUR	4.29B EUR	4.92B EUR	4.64B EUR
Enterprise Value	4.65B EUR	4.25B EUR	4.98B EUR	4.61B EUR
Valuation Multiples
Trailing P/E	22.37x	19.54x	35.77x	71.13x
Forward P/E	11.6x	--	--	--
Price to Sales	2.92x	2.55x	3.35x	4.59x
Price to Book	2.15x	1.87x	2.23x	2.16x
EV/Revenue	2.77x	2.53x	3.39x	4.56x
EV/EBITDA	10.47x	9.39x	14.08x	20.98x
Price to FCF (P/FCF)	--	698.63x	--	--
EV/FCF	--	693.25x	--	--
FCF Yield	-1.09%	0.14%	-2.74%	-0.92%